comScore Reports Rapid Growth in Use of U.S. Online Credit Card Services
Online Servicing Important to 63 Percent of U.S. Credit Card Customers

RESTON, Va., Aug. 8 /PRNewswire-FirstCall/ -- comScore (Nasdaq: SCOR),
a leader in measuring the digital world, today released the results of a
study of online credit card services, which revealed strong growth in the
use of the Internet for credit card account management. The study found
that customers visited their issuer's site 57 percent more often to service
their accounts in 2006 than in 2005. This follows a 55 percent rise in 2005
over 2004. Strong growth in online servicing has continued in the first
quarter of 2007, as the number of customer visits to issuers' sites jumped
to more than one billion, an increase of 32 percent versus the same period
a year ago.
Growth in Online Customer Visits
Total U.S. - Home/Work/University Locations
Source: comScore Credit Card Solutions Benchmarker
Total Customer Visits Percentage Change
Year (Billions) vs. Year Ago
2005 2.31 55 %
2006 3.62 57 %
63 Percent of Credit Card Users Find Online Servicing Important
As part of the study, comScore measured consumer attitudes toward
online servicing of credit cards. The survey revealed that 63 percent of
credit card users find online servicing important to their overall
experience with their credit card. Sixty-nine percent of all customers have
logged into their credit card Web site at some point in time and 58 percent
of online customers log in more than once a month. Among customers for whom
online servicing is important, viewing online statements, paying credit
card bills, and disputing charges were cited as the most important online
services.
Specific E-Servicing Activities that are Important to Consumers
Total U.S. - Home/Work/University Locations
Source: comScore Q2 2007 Credit Card Survey
Percent of Respondents for Whom
E-Servicing Activity E-Servicing is Important
Viewing Online Statements 83 %
Making a payment (pay your
credit card bill online) 77 %
Disputing a charge 62 %
Underscoring the importance to customers of making payments online,
comScore's Credit Card Solutions Benchmarker revealed that the number of
online credit card payments has grown significantly during the past two
years. In 2006, 524 million credit card bills were paid online, marking a
73-percent increase versus 2004.
Number of Credit Card Bills Paid Online at Issuer Site
Total U.S. - Home/Work/University Locations
Source: comScore Credit Card Solutions Benchmarker
Credit Card Bills
Paid Online Percentage Change
Year (Millions) vs. Prior Year
2005 414 37 %
2006 524 27 %
"Investing in e-servicing is critical for credit card issuers because
it not only helps them realize cost savings but the Internet is also
becoming the preferred channel for many customers to interact with the
issuer's product and brand," said Kevin Levitt, vice president of
comScore's credit card solutions group.
62 Percent of Credit Card Users Willing to Switch to Paperless
Statements
Enrolling customers for paperless credit card statements is one of the
biggest cost-saving opportunities for issuers, and the comScore survey
revealed that 62 percent of credit card users are either already using the
service or are willing to use the service. Issuers can expect paperless
adoption to grow with rising adoption among younger consumers, as those
ages 18 to 44 are 20 percent more likely to use the service than consumers
age 45 and older. Incentives and appeals can boost further adoption of
paperless statement service among various customer segments, with 58
percent of them being enticed by a cash incentive.
About the 2007 comScore Online Credit Card Report
The report leverages comScore's proprietary panel of more than one
million U.S. Internet users. Additional information aimed at gaining a
deeper understanding of consumers' attitudes was gathered through a survey
conducted among 1,974 U.S. online consumers in Q2 2007.
The comScore Online Credit Card Report includes:
-- Customer satisfaction with their credit card and issuer web site
-- Insights into customer motivation behind storing credit card
information online
-- Attitudinal insights into consumers willingness to apply for a credit
card online and barriers to online customer acquisition
-- Customer preferences for various credit card features
-- Insights into importance and adoption of online servicing activities
among credit card customers
-- Factors that could influence further adoption of paperless statements
among credit card customers.
-- Insights into additional e-servicing features desired by customers
Credit Card issuers included in this analysis are American Express,
Bank of America, Capital One, Chase, Citi Cards, Discover Card and others.
Credit Card Industry professionals and members of the media may request
the 2007 comScore Online Credit Card Report by visiting
http://www.comscore.com/contact
About comScore
comScore, Inc. (Nasdaq: SCOR) is a global leader in measuring the
digital world. This capability is based on a massive, global cross-section
of more than 2 million consumers who have given comScore permission to
confidentially capture their browsing and transaction behavior, including
online and offline purchasing. comScore panelists also participate in
survey research that captures and integrates their attitudes and
intentions. Through its proprietary technology, comScore measures what
matters across a broad spectrum of behavior and attitudes. comScore
analysts apply this deep knowledge of customers and competitors to help
clients design powerful marketing strategies and tactics that deliver
superior ROI. comScore services are used by more than 700 clients,
including global leaders such as AOL, Microsoft, Yahoo!, BBC, Carat,
Cyworld, Deutsche Bank, France Telecom, Best Buy, The Newspaper Association
of America, Financial Times, ESPN, Fox Sports, Nestle, Starcom, Universal
McCann, the United States Postal Service, Verizon, ViaMichelin, Merck and
Expedia. For more information, please visit http://www.comscore.com.